MIRA
INFORM REPORT
|
Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
VENTURE INSTRUMENTATION TECHNOLOGIES PRIVATE LIMITED VENTURE TECHNOLOGIES DIVISION OF VENTURE INSTRUMENTATION TECHNOLOGIES
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-205, 1st Floor, Block III, K.S.S.I.D.C. Complex, Phase 1,
Electronic City, Bangalore – 560100, Karnataka |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 (Unaudited) |
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|
|
Date of
Incorporation : |
19.09.2001 |
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|
|
|
Com. Reg. No.: |
029552 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209KA2001PTC029552 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV02830C |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCV2682F |
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|
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|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
Trader, Importer and Distributor of Plastic, Polymer,
Rubber and Tyre Testing Equipments |
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|
|
|
No. of Employees
: |
15 (In office 09 + In factory 06) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 38616 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions . |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. G Hari Hara Krishan |
|
Designation : |
Sales Manager |
|
Contact No.: |
91-9972017793 |
|
Date : |
18.10.2011 |
LOCATIONS
|
Registered Office : |
A-205, 1st Floor, Block III, K.S.S.I.D.C. Complex, Phase 1,
Electronic City, Bangalore – 560100, Karnataka, India |
|
Tel. No.: |
91-80-44004111/41715022/65727320 |
|
Fax No.: |
91-80-44004104 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
1722.24sq.fts |
|
Location : |
Leased |
|
|
|
|
Branches : |
301, B-Wing, Manas Residency, Veer Savarkar Path, Near 3
Petrol Pump, Thane -400 602, Maharashtra, India |
|
Tel. No.: |
91-22-2540 5648 |
|
Fax No.: |
91-22-2540 5648 |
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E-Mail : |
|
|
Area : |
346sq.fts |
|
Location : |
Rented |
DIRECTORS
AS ON 15.09.2010
|
Name : |
Mr. Vijaya Babu Venkataswamy Radhakrishnan |
|
Designation : |
Director |
|
Address : |
P-99, Sector X, 7th Main,
Jeevanbhimanagar, Bangalore – 560 075, Karnataka, India |
|
Date of Birth/Age : |
25.09.1960 |
|
Qualification : |
M.Sc |
|
Experience : |
27 years |
|
Date of Appointment : |
19.09.2001 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U25209KA2001PTC029552 |
VENTURE INSTRUMENTATION TECHNOLOGIES
PRIVATE LIMITED |
Managing director |
19/09/2001 |
19/09/2001 |
- |
Active |
NO |
|
Name : |
Mr. Yatin Sharad Raje |
|
Designation : |
Director |
|
Address : |
No. 8 and 9, Himdhaval CHS, Veer Savarkar Path, Near Maharashtra
Vidyalaya, Thane (W) – 400 602, Maharashtra, India |
|
Date of Birth/Age : |
14.11.1961 |
|
Qualification : |
B. Sc, DCM |
|
Experience : |
27 years |
|
Date of Appointment : |
19.09.2001 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U25209KA2001PTC029552 |
VENTURE INSTRUMENTATION TECHNOLOGIES
PRIVATE LIMITED |
Director |
19/09/2001 |
19/09/2001 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. G Hari Hara Krishan |
|
Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vijaya Babu Venkataswamy Radhakrishnan |
|
2100 |
|
Yatin Sharad Raje |
|
800 |
|
Dilip P Patil |
|
100 |
|
Total |
|
3000 |
AS ON 15.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Importer and Distributor of Plastic, Polymer,
Rubber and Tyre Testing Equipments |
|
|
|
|
Imports : |
|
|
Products : |
Quality Control and R and D Equipments, accessories and
Spars |
|
Countries : |
U.S.A.
and Europe |
|
Trade
References: |
1. Q Lab Corporation, U.S.A. 2. ITW Test And Spares Measurement Italia Srl, Italy. 3. 01db-Metravib, France. 4. OZM Research S.R.O., Czech Republic. Etc. (Product List Enclosed) |
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Terms : |
|
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Selling : |
L/C, Credit |
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Purchasing : |
Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
15 (In office 09 + In factory 06) |
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Bankers : |
State Bank of India, Jeevanbhimanagar Branch, Bangalore – 560075, Karnataka, India |
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Facilities : |
Credit Limit : Rs.
2.000 Millions cash credit – Rs.1.000 Million bank guarantee
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Banking
Relations : |
-- |
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|
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Auditors : |
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|
Name : |
K.S. Sridhar and Associates Chartered Accountant |
|
Address : |
24, Girls School Street, Seshadripuram, Bangalore 560020,
Karnataka, India |
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Tel No.: |
91-80-23567814/23464558 |
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Fax No.: |
91-80-23467477 |
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Email : |
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|
|
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|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000 |
Equity Shares |
Rs.100/- each |
Rs.0.300 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 Unaudited |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
0.300 |
0.300 |
0.300 |
0.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.354 |
6.421 |
4.219 |
2.803 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9.654 |
6.721 |
4.519 |
3.103 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
1.865 |
2.465 |
0.587 |
2.093 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1.865 |
2.465 |
0.587 |
2.093 |
|
|
DEFERRED TAX LIABILITIES |
(0.106) |
(0.080) |
0.008 |
(0.044) |
|
|
|
|
|
|
|
|
|
TOTAL |
11.413 |
9.106 |
5.114 |
5.152 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.026 |
1.058 |
1.551 |
1.531 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.336 |
0.648 |
0.240 |
0.020 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
|
1.881
|
1.985 |
1.646 |
|
|
Sundry Debtors |
|
3.957
|
1.887 |
1.593 |
|
|
Cash & Bank Balances |
13.601
|
0.270
|
0.173 |
0.173 |
|
|
Other Current Assets |
|
0.434 |
0.695 |
0.421 |
|
|
Loans & Advances |
|
3.848
|
3.431 |
2.436 |
|
Total
Current Assets |
13.601
|
10.390
|
8.171 |
6.269 |
|
|
Less: CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
|
1.878
|
3.845 |
1.868 |
|
|
Other Current Liabilities |
9.550
|
0.000
|
0.000 |
0.000 |
|
|
Provisions |
|
1.112
|
1.003
|
0.800 |
|
Total
Current Liabilities |
9.550
|
2.990
|
4.848 |
2.668 |
|
|
Net Current Assets |
4.051
|
7.400
|
3.323 |
3.601 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
11.413 |
9.106 |
5.114 |
5.152 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 Unaudited |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
32.263 |
18.465 |
16.895 |
16.586 |
|
|
|
Other Income |
0.180 |
0.067 |
0.503 |
0.216 |
|
|
|
TOTAL (A) |
32.443 |
18.532 |
17.398 |
16.802 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Cost of Goods Sold |
8.611 |
1.344 |
1.367 |
1.312 |
|
|
|
Direct Expenses |
2.447 |
2.385 |
2.458 |
2.508 |
|
|
|
Administrative Expenses |
15.408 |
10.444 |
9.673 |
9.878 |
|
|
|
Selling and Distribution Expenses |
0.776 |
0.423 |
0.886 |
0.797 |
|
|
|
TOTAL (B) |
27.242 |
14.596 |
14.384 |
14.495 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
5.201 |
3.936 |
3.014 |
2.307 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.201 |
3.936 |
3.014 |
2.307 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.974 |
0.708 |
0.638 |
0.684 |
|
|
|
|
|
|
|
|
|
|
Add: |
PRIOR PERIOD
INCOME |
0.000 |
0.000 |
0.094 |
0.114 |
|
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENSES |
0.000 |
0.000 |
0.000 |
0.057 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.227 |
3.228 |
2.471 |
1.680 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.294 |
1.026 |
1.055 |
0.716 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.933 |
2.202 |
1.416 |
0.964 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.521 |
3.619 |
2.503 |
1.839 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Transfer to General Reserve |
0.300 |
0.300 |
0.300 |
0.300 |
|
|
BALANCE CARRIED
TO THE B/S |
8.154 |
5.521 |
3.619 |
2.503 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 Unaudited |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.04
|
11.88 |
8.14 |
5.74 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.10
|
17.48 |
14.62 |
10.12 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.49
|
28.19 |
25.42 |
21.53 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.48 |
0.55 |
0.54 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.18
|
0.81 |
1.20 |
1.53 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
3.47 |
1.66 |
2.35 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company
has been shifted from No.24, Ganga Apartments, 13th Cross, Indra
Nagar, Bangalore – 560038, Karnataka, India to present address w.e.f.
06.10.2010
FORM 8:
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
80037256 |
|
Corporate identity number of the company |
U25209KA2001PTC029552 |
|
Name of the company |
VENTURE INSTRUMENTATION TECHNOLOGIES
PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
No.24, Ganga Apartments13th Cross,
Indiranagar, Bangalore – 560038, Karnataka, India |
|
Type of charge |
Movable Property Others |
|
Particular of charge holder |
STATE BANK OF INDIA |
|
Nature of description of the instrument
creating or modifying the charge |
Letter of Arrangement - Sme-1 Supplemental Agreement of Loan Cum
Hypotheation- Sme- 4 Memorandum For Extension of Mortgage By
Deposit of Title Deeds - Sme-7 Gurantee Agreement - Sme-3 Letter of Confirmation of Mortage By
Deposit of Title Deeds - Sme-8 |
|
Date of instrument Creating the charge |
22/05/2008 |
|
Amount secured by the charge |
Rs.3.000 millions |
|
Brief particulars of the principal terms an
conditions and extent and operation of the charge |
Rate of Interest 0.75% Above Sbar (Sbar Presently 12.25%)
With A Minimum of 13.0% P.A. Rising or Falling Therewith With Periodical
Rests and /or At Such Rates and Rests as May Be Specified By The Bank From
Time To Time. Terms of Repayment On Demand Margin 25% Extent and Operation of the charge First Charge |
|
Short particulars of the property charged |
1. Hypothecation of Stocks, Receivables
And Other Current Assets. 2. Extension of Em Over Residential
Property @ P-99, 7th Main, Sector-X, Jeevanbhimanagar, Bangalore-
560075 Belonging To Shri Vijayababu And Smt Prasanna Lakshmi |
|
Date of latest modification prior to the
present modification |
22/05/2007 |
|
Particulars of the present modification |
The Overall Limits Increased From Rs.2.500
Millions To 3.000 Millions (Bank Gurantee Increased From Rs.0.500 Million To
1.000 million) |
FIXED ASSETS:
·
Computer
·
Furniture and Fixtures
·
Office Equipments
·
Testing Tools
·
Motor Car
·
Air Conditioner
·
Software
·
Motor Cycle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.89 |
|
|
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.67.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.